G7's Quest for Unity: Navigating Tariff Tensions and Global Challenges

Finance leaders from the G7 industrialized democracies convened in the Canadian Rockies to address the fractious issue of U.S. President Donald Trump's tariffs and seek common ground for the forum. Pushbacks included support for Ukraine and responses to non-market economic practices from countries like China.

Meeting in Banff, Alberta, the ministers aimed to avoid a repeat fracture seen in 2018, when Trump's policies thwarted a joint statement. The Italian Economy and Finance Minister emphasized the need for a consensus communique, with the U.S. Treasury Secretary seeking compromise.

Amid discussions to lower the G7 price cap on Russian crude, Europe's push for sanctions against Russia remained a sticking point. The U.S.' position, articulated by Treasury Secretary Bessent, underscored prioritizing U.S. interests over a joint communique, with bilateral talks supporting efforts toward alignment on various fronts.

(With inputs from agencies.)